Ireland Insurance Industry Examined in New Topical Reports by Timetric
06 Feb 2013 • by Natalie Aster
Life Insurance in Ireland, Key Trends and Opportunities to 2017. The Irish life insurance segment is amongst the top 15 largest in Europe in terms of gross written premiums. The segment holds the largest share of the country’s insurance industry, accounting for 58.9% of the total gross written premiums in 2012. The Irish life insurance segment is highly concentrated with the five leading players accounting for 85% of the total gross premiums in 2011. During the review period (2008–2012), the life insurance industry in Ireland went through difficult times and was impacted by the global financial crisis and eurozone debt crisis. The introduction of several new regulatory provisions and austerity measures adopted by the government had an adverse impact on consumer confidence. The gross written premium declined from EUR11.1 billion (US$16.3 billion) in 2008 to EUR10.2 billion (US$14.1 billion) in 2012, at a CAGR of -2.3% over the review period. Insurance brokers led the Irish life insurance segment during the review period and accounted for a 45% share of the total market commission in 2012.
Factors such as the country’s aging population, reforms in pension law and insurers’ efforts to minimize cost and enhance efficiency in terms of writing new business and product innovations are expected to drive growth in the Irish life insurance segment over the forecast period (2012–2017).
Non-Life Insurance in Ireland, Key Trends and Opportunities to 2017. Ireland’s non-life insurance segment is highly competitive and fragmented, however, weak economic conditions and the increasing amount of risk being ceded by insurers is likely to adversely affect the segment’s performance over the forecast period.
The Irish insurance industry declined at a CAGR of -1.7% during the review period, owing to the negative impact of the global financial crisis. This, coupled with the European debt crisis and a decline in equity and bond prices, caused losses in the industry as a whole. However, the economy entered into a period of recovery in 2011 and is projected to grow at a CAGR of 4.2% over the forecast period. The revival of the Irish economy is expected to spur the growth of the industry. Consequently, the non-life segment is projected to grow at a CAGR of 3.8% over the forecast period.
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